CBEC Circulars - Any Value?
WE got this mail from a Netizen:
CBEC Vide Circular No. 02/2012 dated 16/01/2012 extended the period for utilization of re-credited DEPB/ reward scheme licenses up to 31/03/2012. Earlier the date was 30/09/2011. The irony is CBEC took 4 months to issue the circular for extending the period. During the period from 30/09/2011 to 16/02/2012 the licenses meant to be re-credited with lakhs of Rupees were lying with the Customs department who were taking their own sweet time to sanction the 4% SAD refund claims until 30/09/2011. Thereafter the date gone by, no action was taken on these licenses and kept lying unattended until Circular No. 02/2012 dated 16/01/2012 was issued. The CBEC did their work rather a favour by extending the time upto 31/03/2012 with a strong message that no further extension shall be granted; however a new problem has cropped up. Who will ring the bell at the DGFT????? The DGFT regional offices have refused to re-credit the scrips. Why? Sir, CBEC Circular has no binding force on us and there are no instructions from DGFT, New Delhi to do so, so far (read as 28/02/2012).
It has been more than a month; any request to DGFT New Delhi is falling on deaf ears. With just a month remaining to go........ Where does trade ring the bell????????? What is the value of the Circular so issued by the CBEC???????? If 31/03/2012 goes by who shall be responsible for the loss???????